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Updated over 17 years ago on . Most recent reply

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Any experience buying at auction in Contra Costa County, Cal

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I'm looking into better ways of buying flip properties rather than going through MLS. I've found good deals on MLS, but they are few and far between, and now I need to get a higher volume of deal flow. Does anyone have any experience buying foreclosures at the weekly auction at the Martinez Courthouse for Contra Costa County? Specifically, do you pay the entire amount in cash at the time of the auction, or do you put 10% down and close within a certain amount of days? How much due dilligence do you typically do before bidding? Is there an easy way to see the results of past auctions (i.e which ones went back to the bank vs. sold to private bidders, price sold, etc.)? My understanding is that most go back to the bank and become REO's. If this is the case, do you try to buy from the bank before the auction and have them cancel the auction? Any comments are appreciated…

-Josh

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